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Morpho Midnight launches fixed-rate lending on Base after $175M raise
Edgen Crypto·Jul 21 2026, 13:32Share to
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[1] Morpho Launches Fixed-Rate Lending Protocol on Base (https://cointelegraph.com/news/morpho-midnigh ...)[2] Morpho Midnight launches fixed-rate, fixed-term credit markets on Base - Crypto Briefing (https://cryptobriefing.com/morpho-midnight-fi ...)[3] Kalshi seeks CFTC approval for gold perpetual futures after $16.1 billion in crypto trading volume - Crypto Briefing (https://cryptobriefing.com/kalshi-cftc-gold-p ...)[4] This Could Be Bitcoin’s Next Massive Breakout｜Bankless - finance.biggo.com (https://finance.biggo.com/podcast/5d6832fbd43 ...)[5] Major DeFi News This Week: Morpho, Hyperliquid and TOWN Sale - Coin Gabbar (https://www.coingabbar.com/en/crypto-currency ...)
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Jul 21 2026, 17:09
Bitcoin breaks above $66,000 as $1.2B options wall clears
**The $1.2 billion options wall blamed for pinning Bitcoin below $65,000 expired on July 17 — and this time, the price actually moved.** Bitcoin rose 3% to $66,300 on July 21, its highest since mid-June, after a $1.2 billion cluster of options contracts expired on July 17 and removed the dealer hedging mechanism that had held price in a $60,000-to-$65,000 range for most of the month. "The expiry cleared roughly 19,000 Bitcoin contracts with a put-call ratio of 0.9 and a max-pain level at $63,000, but the notional value is misleading — the premium actually at risk was a small fraction of that figure," Andjela Radmilac, senior analyst at CryptoSlate, said. "What mattered was that demand returned alongside the expiry, not because of it." US spot Bitcoin ETFs logged $75.7 million in net inflows last week, their second consecutive positive week, though the two-week recovery of $273.1 million covers only 3.3% of the $8.2 billion that exited over the prior eight weeks, per CoinGlass data. Wallets holding between 1,000 and 10,000 BTC added roughly 66,700 coins over the past 60 days, the strongest accumulation from that cohort since February, according to CryptoQuant. Futures open interest climbed to about $32 billion, and volume jumped more than 80% on the day. The question now is whether this is a trend shift or a retracement trap. The 50-day SMA and EMA are converging in the $66,000-to-$67,000 zone that needs to be convincingly reclaimed for a credible advance. A solid close above $66,000 could push Bitcoin toward $71,500, with resistance at $67,000 and $69,200. A rejection at current levels risks a retest of $60,000, with the 20-day EMA at $63,000 serving as the first support level on a pullback. The Federal Reserve's July 28-29 meeting looms as the next macro catalyst, with rate guidance likely to determine whether ETF flows accelerate or stall. ## Whale accumulation meets thinning liquidity The demand behind this week's move came from two directions simultaneously. Institutional buyers returned to spot ETFs after an eight-week retreat, led by BlackRock's IBIT, while large holders absorbed supply from smaller sellers. The combination thins available liquidity — a $2.3 billion stablecoin drain has already shrunk the dry powder needed to defend higher levels, per CryptoSlate data. The Fear & Greed Index sits near 29, still in "fear" territory even as price climbs, suggesting the rally lacks broad retail conviction. July's cumulative ETF inflows total roughly $200 million against $4.5 billion of June outflows, replacing only a few percent of what left. ## CLARITY Act adds regulatory tailwind Separately, Senate progress on the CLARITY Act — the Digital Asset Market Structure bill — injected a strand of optimism into the narrative. Reports that President Donald Trump agreed to the stalled ethics provision pushed Polymarket's odds of passage from 32% to 43%. The legislation would formally classify certain digital assets as commodities, reducing the regulatory ambiguity that has weighed on institutional demand. The Senate must vote before the August recess, leaving a narrow legislative window. This article is for informational purposes only and does not constitute investment advice.
Jul 21 2026, 17:07
Bitcoin rises 2.2% to $66,681 as Iran claims Amazon data center strike
**Iran's claim of a cruise missile strike on Amazon's data infrastructure in Bahrain pushed Bitcoin toward resistance at $67,500 as traders weighed geopolitical risk against a potential safe-haven bid.** Bitcoin rose 2.2% to $66,681 as of 14:00 UTC Tuesday after Iran's Islamic Revolutionary Guard Corps claimed it struck Amazon's central data infrastructure in Bahrain with cruise missiles, retaliating for US attacks on the Darkhovin nuclear site. "The market is pricing in a geopolitical risk premium, but the move is modest relative to what we'd expect from a state-sponsored attack on critical cloud infrastructure," Nina Volkov, a crypto macro analyst, said. "Traders are waiting for independent confirmation before committing capital." XRP gained 3.6% to $1.152, also testing resistance. The IRGC said it launched several cruise missiles at the Amazon facility, according to Iran's Tasnim News Agency. Neither Amazon nor US Central Command has confirmed the strike. The claims follow President Donald Trump's declaration on July 9 that the US-Iran ceasefire was no longer in effect, after a June 18 memorandum of understanding brokered by Pakistan. A confirmed strike on a major cloud provider's infrastructure would mark a significant escalation in the conflict, potentially driving risk-off flows in traditional markets while reinforcing Bitcoin's decentralization narrative. The next resistance level sits at $67,500, with support at $65,000, according to CoinGecko data. Bitcoin's 24-hour trading volume reached $28.4 billion, above the 7-day average of $24.1 billion, CoinGecko data shows. Bitcoin's market cap stood at $1.32 trillion, with its dominance rate at 54.2%. Open interest across Bitcoin futures rose 3.2% to $34.8 billion, with funding rates turning slightly positive at +0.005%, per Coinglass. The IRGC's Aerospace Force said it targeted "central data infrastructure belonging to the US company Amazon in Bahrain with several cruise missiles," according to the semi-official Tasnim News Agency. The attack was framed as retaliation for a US strike on July 19 that hit a nuclear power plant construction site in Darkhovin, Iran. The International Atomic Energy Agency said it was investigating the report. The US and Iran signed a Pakistan-brokered memorandum of understanding on June 18 aimed at ending hostilities that began Feb. 28. However, the US military launched multiple attacks against Iran starting July 8, and Trump declared the ceasefire void the following day. Iran has since struck US military bases in Kuwait, Bahrain, Jordan, Syria and Oman. For crypto markets, the key question is whether the conflict escalates further. A strike on Amazon Web Services infrastructure — even if unconfirmed — introduces a new category of geopolitical risk that could accelerate institutional interest in decentralized infrastructure. Conversely, a broader Middle East conflict could trigger a liquidity crunch that pressures all risk assets, including crypto. *This article is for informational purposes only and does not constitute investment advice.*
Jul 21 2026, 16:56
Open USD intensifies stablecoin competition as supply tops $300 billion
**A consortium-backed stablecoin is reshaping the economics that made Tether and Circle dominant.** Open USD, backed by more than 140 companies including Visa, Mastercard, Stripe, Coinbase and BlackRock, launched a revenue-sharing model that passes most reserve earnings to distribution partners, directly challenging the fee structures of incumbent stablecoin issuers. The stablecoin market has grown to more than $300 billion in total supply, with payment volume reaching an estimated $390 billion in 2025 — more than double the prior year. "OUSD is primarily built to share stablecoin reserves across its partners, including Visa, Stripe, Coinbase, Mastercard, and leading blockchains such as Sui," said Louisa Bai, Head of Stablecoins at Mysten Labs. "Its partner network and revenue-sharing model could increase competition in a market with deeply entrenched incumbents." The competitive threat has already drawn a sharp response from Wall Street. Mizuho Securities downgraded Circle Internet Group, the issuer of USDC, to underperform from neutral and cut its price target to $50 from $85 — the lowest on the Street — citing Open USD's pass-through mechanism, which retains only a minimal operational charge while directing the bulk of reserve income to participating companies. Circle's stock has lost more than 75 percent of its value since its initial public offering and traded at $60.08 as of the latest session, down 28 percent year to date. The pressure on Circle may intensify in August when its revenue-sharing agreement with Coinbase — a member of the Open Standard consortium — comes up for renewal. Mizuho projects Circle's distribution and transaction expenses will reach 73 percent of revenue in 2027, up from a prior estimate of 64 percent, with adjusted EBITDA of about $699 million versus Wall Street's consensus of $941 million. USDC's outstanding supply has fallen to approximately $73 billion from peaks near $80 billion earlier this year, reflecting a broader contraction of about $10 billion in the stablecoin sector since May. **Different Stablecoins Will Serve Different Products** The stablecoin market is fragmenting by use case rather than consolidating around a single dominant model. PYUSD remains tied to PayPal's consumer products, while Open USD may develop around business payments and merchant settlement. Exchange-backed coins focus on trading, and bank-supported assets serve treasury management and institutional transfers. "Different stablecoin assets aimed at different use cases will coexist, together with different forms of control," Bai said. Marc Boiron, CEO of Polygon Labs, said Latin America leads in stablecoin adoption for everyday use. "When a currency loses value overnight and sending money home costs 6 percent and takes three days, a digital dollar is a household decision," he said. Boiron pointed to the Mexico-US and Brazil-US corridors as major sources of current volume, and noted that emerging markets such as Argentina, Brazil and Pakistan use dollar stablecoins as protection from inflation. Local-currency stablecoins are developing a separate role. Kevin Cui, Executive Director and Chief Executive Officer of OSL Group, said they reduce foreign-exchange exposure for businesses operating in euros, reais or yen. "Local-currency stablecoins are developing a durable role alongside dollar coins by reducing FX exposure and allowing businesses operating in euros, reais, or yen to retain their own unit of account," Cui said. **Blockchains Provide the Settlement Base** Blockchains determine how efficiently stablecoins move between users and financial applications. Sui introduced gasless stablecoin transfers in May 2026, allowing users to send supported assets without holding SUI separately for transaction fees. Confidential transfers entered public beta in June, letting issuers conceal balances while preserving access for compliance and auditing. Sui also recorded more than six million transactions per second during a July public experiment using programmable tunnels. "The most valuable stablecoin is the one everyone else already accepts," Boiron said. Dollar coins will retain their lead in global markets, while local-currency assets develop around domestic payments and regional commerce. The strongest providers will combine reliable reserves with liquidity, distribution and efficient settlement — a combination that Open USD's consortium model is designed to deliver through shared incentives rather than centralized control. This article is for informational purposes only and does not constitute investment advice.